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Mansfield's Covidien Buying Medical Company

Covidien in Mansfield buying California medical company.

Mansfield's Covidien announced on Sunday that they will be purchasing a medical  technology company.

The company, CV Ingenuity,  provides treatment for peripheral artial disease caused by blood vessel abnormalities.

The company, based in Fremont California, has been working on a drug-coated balloon  platform that used a rapid release systems.

"CV Ingenuity offers a robust DCB portfolio, and offering a DCB technology is something that we believe is necessary to continue to improve care for patients suffering from PAD, as well as ensuring we are a full line partner with our customers today and into the future," said Stacy Enxing Seng, president of Covidien Vascular Therapies.

Covidien said in a statement Food and Drug Administration approval will likely come for the treatment method in 2017.

Covidien also stated that they will be spending over $50 million in the next two years to finance development.

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